When to File for Chapter 13 Bankruptcy

Declaring bankruptcy is a decision that shouldn’t be taken lightly, especially if you are

considering bankruptcy for your business. Filing a bankruptcy with an S Corporation or a

Limited Liability Corporation (LLC) can be tricky. You need to know that you have a Business

Bankruptcy Lawyer that has the knowledge to manage your case with the care it deserves.

Upon filing, an “automatic stay” goes into effect which means that the creditors are prohibited

from making any attempt to collect their debt, including repossession and attempting

foreclosure.

When to File for Chapter 13 Bankruptcy

During the economic crisis forced upon Americans in 2008, the state of Florida faced much

difficulty in regards to job loss rates, bankruptcy filings, and foreclosure rates. As a

consequence, many families were facing financial destruction in light of the recent economic

downturns across the nation and in their local cities and communities. Since 2005, filing for

bankruptcy in the state of Florida, in addition to across the USA, had become subject to a

much more stringent approval process by the bankruptcy courts. For individuals or families

faced with filing for bankruptcy in Tampa, Florida, an experienced Tampa business bankruptcy

lawyer can help. At the beginning, evaluating the viability of filing for bankruptcy, including the

potential fallout from such a drastic financial decision, must be taken into consideration

between a chapter 13 bankruptcy Tampa lawyer and customers. Following this decision,

preparations and filing must be made in one of three applicable bankruptcy court jurisdictions

in the state of Florida. Similarly, competent legal counsel from a Tampa business bankruptcy

lawyer in the bankruptcy courts is essential for a favorable outcome. This procedure holds true

for both businesses and individuals filing for bankruptcy in Tampa, in addition to across the

state of Florida.

When you look to file a bankruptcy and include your business debts in it, you do have

alternatives. You need to consider your alternatives before you file. Businesses can file a

Chapter 13 Bankruptcy, a Chapter 7 bankruptcy, or a Chapter 11 Bankruptcy as determined by

your condition.

Chapter 13 Bankruptcy

Chapter 13 is a reorganization bankruptcy wherein a Tampa chapter 13 bankruptcy attorney

would reorganize your debts via the courts into a payment plan that you can afford. This kind

of bankruptcy can be useful if you are behind on secured asset payments, like a car or a home.

A Chapter 13 bankruptcy will eliminate unsecured debt, like credit cards, much like a Chapter 7

bankruptcy does. Before you make any decision as to whether you should file or not, you

should contact a Bankruptcy Lawyer.

Summary

Declaring bankruptcy is a decision that shouldn’t be taken lightly, especially if you are

considering bankruptcy for your business. Filing a bankruptcy with an S Corporation or a

Limited Liability Corporation (LLC) can be tricky. You need to know that you have a Business

Bankruptcy Lawyer that has the knowledge to manage your case with the care it deserves.

Upon filing, an “automatic stay” goes into effect which means that the creditors are prohibited

from making any attempt to collect their debt, including repossession and attempting

foreclosure.

AuthorBox

Tampa chapter 13 bankruptcy attorney provides advice & legal counseling to individuals facing

business bankruptcy charges. The Tampa business bankruptcy lawyer will guide you through

the maze of decisions and documents required for accident cases.